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National Securities Depository
National Securities Depository (544467) investor relations material
National Securities Depository Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary29 Jan, 2026
Executive summary
Maintains leadership as India's largest depository with 86.2% market share by total demat custody value and 43.2 million beneficiary owner accounts as of December 2025.
Market sentiment in India remains cautiously optimistic for the medium to long term but subdued in the near term due to global geopolitical uncertainties, weaker earnings, and a depreciating rupee, resulting in significant FII outflows of $18.9 billion in 2025.
Domestic investors have stabilized markets with net inflows of INR 780,000 crore, supported by robust SIP flows.
Expanded digital offerings and launched new products, including a unified investor app and enhancements to margin pledge processes.
Unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, were approved by the Board on January 28, 2026.
Financial highlights
Standalone Q3 FY26 revenue from operations was INR 169 crore, up 14% YoY; total income was INR 198.7 crore, up 15.4% YoY, but declined 20.7% sequentially due to seasonality.
Standalone PAT for Q3 FY26 was INR 77.9 crore, up 0.9% YoY; excluding a one-time tax item, PAT would have been INR 85.4 crore, up 10.3% YoY.
Consolidated Q3 FY26 total income was INR 394.3 crore, up 0.8% YoY; PAT was INR 89.7 crore, up 4.5% YoY.
EBITDA margin (consolidated) at 35.7% for Q3 FY26; standalone EBITDA margin at 60.5%.
For nine months ended December 31, 2025: standalone net profit after tax was INR 280.9 crore, up 14.3% YoY; consolidated net profit after tax was INR 289.6 crore.
Outlook and guidance
Management expects continued momentum in banking services and payment bank business, driven by UPI acquiring and CASA growth, but did not provide specific forward guidance.
Focus remains on technology-driven growth, expanding digital services, and increasing market share in demat accounts.
Additional provision made for gratuity due to new Labour Codes; further impacts will be recognized as rules are notified.
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Next National Securities Depository earnings date
Q4 25/2625 May, 2026
National Securities Depository
Next National Securities Depository earnings date
Q4 25/2625 May, 2026
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